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MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgage Loans | 9 Months Ended
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Sep. 30, 2025
MORTGAGE LOANS AND NOTES PAYABLE |
Summary of debt | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Value as of | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31, | ​ | Effective | ​ | Maturity
Mortgage Loans and Notes Payable |  | 2025 |  | 2024 |  | Interest Rate | ​ | Date
​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​
Long Island City II, NY | ​ | $ | 17,004 | ​ | $ | 17,368 | ​ | 2.25 | % | ​ | Jul-26
Long Island City III, NY | ​ | ​ | 17,005 | ​ | ​ | 17,371 | ​ | 2.25 | % | ​ | Aug-26
Allen, TX (1) | ​ | ​ | 7,277 | ​ | ​ | 7,432 | ​ | 6.29 | % | ​ | Aug-26
Dallas-Fort Worth, TX (1) | ​ | ​ | 108,000 | ​ | ​ | 108,000 | ​ | 6.23 | % | ​ | May-29
Flushing II, NY | ​ | ​ | 54,300 | ​ | ​ | 54,300 | ​ | 2.15 | % | ​ | Jul-29
Principal balance outstanding | ​ | ​ | 203,586 | ​ | ​ | 204,471 | ​ | ​ | ​ | ​ | ​
Plus: Unamortized fair value adjustment | ​ | ​ | 4,928 | ​ |  | 6,137 | ​ | ​ | ​ | ​ | ​
Less: Loan procurement costs, net | ​ | ​ | (3,833) | ​ | ​ | (4,693) | ​ | ​ | ​ | ​ | ​
Total mortgage loans and notes payable, net | ​ | $ | 204,681 | ​ | $ | 205,915 | ​ | ​ | ​ | ​ | ​
​
| (1) | The Company owns an 85% interest in consolidated joint ventures that are the borrowers on these mortgage loans.
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable | The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of September 30, 2025 (in thousands): ​
​ | ​ | ​ | ​
2025 |  | $ | 300
2026 | ​ |  | 40,986
2027 | ​ |  | —
2028 | ​ |  | —
2029 | ​ |  | 162,300
2030 and thereafter | ​ |  | —
Total principal payments | ​ | $ | 203,586
​

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